Investment Date
Q1 2016
Exit Date
Q3 2018
(Projected)
Asset type
Office
Revcap strategy
Active Asset Management
Revcap Fund
KHCP III
Investment Type
Joint Venture Equity
Background and Opportunity
- 14 storey office tower in Puteaux, adjacent to La Défense, Paris’ principal business district acquired with a vacancy rate of 30%
- The 12,663m² property was held in a dysfunctional co-ownership structure with multiple owners meaning little had been done to enhance or improve the overall asset
- The JV’s business plan is to renovate the vacant space, façade and public areas to facilitate lease up and to return the property towards market rents
Transaction Progress
- 100% ownership simultaneously acquired from three different sellers
- Lease up has started at levels materially ahead of underwriting
- Options being considered for refurbishment
Current Status
- Two vacant floors have been stripped back and renovated
- Options for the renovation of the façade are being evaluated
- Creation of a reconfigured retail unit and entrance at ground floor level is in planning stages
